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When Do We Feel Rich? Not Until We Earn £51,000… And It’S All Down To Affording Household Bills

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Cash-strapped Britons would need to earn at least £51,000 a year – double the average salary – before they could feel ‘rich’, according to a poll published yesterday.

People were divided into three different salary bands, and the research found that of those earning between £25,000 and £51,000, 44 per cent class themselves as poor.

By comparison, just 1 per cent of those who earn £51,000 or more would put themselves in the ‘poor’ category, according to the survey of around 1,500 workers.

The findings highlight the nightmare facing those who earn a decent salary, but cannot maintain their standard of living given the soaring cost of household bills.

The majority of people who described themselves as ‘poor’ in all three income brackets said they would ‘ideally like to be on double their salary in order to then become ‘comfortable.’

But then they'd find new ways to squander their money, like buying a bigger house for example and finding is costs even more money to run....

We live in a high cost economy where everyone wants the latest smart phones etc...

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£51k is not very much these days when it's the only household income.

Soon to lose child benefit too even though a couple with 2 salaries of £43k would still get it.

Round my way, a FTB on £51k with a sensible mortgage multiple would get an average 3 bed semi so I'd not say that was rich at all.

Oh, to earn £51k and have these problems....

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Cash-strapped Britons would need to earn at least £51,000 a year – double the average salary – before they could feel ‘rich’, according to a poll published yesterday.

And in today's other breaking news - A recent survey of a dozen people on a local high street found that 80% of people who are double the average weight say they feel "fat".

Really, the things that pass for news in the Daily Mail.

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Also from the article

Compared to middle earners, the poorest in the society are much less likely to say that they are poor.

The research found 61 per cent class themselves as ‘financially comfortable’, and nine per cent said they feel ‘well off despite their lower income.

Researchers from discount website MyVoucherCodes.co.uk asked the workers how they felt about their finances, and whether they were coping or sinking.

They were divided into three different salary bands – up to £25,000, between £25,000 and £51,000, and £51,000 or more.

Despite taking home up to £51,000, many of those in the middle bracket say they still feel poor.

And yet the poorest are far less likely to describe themselves as such, according to the research, with 61 per cent in the lowest salary bracket saying they were ‘financially comfortable’.

Across all categories, the majority of those who called themselves ‘poor’ said they would need to double their salary to feel ‘comfortable’.

So the below average wage earners don't feel poor but the above average wage earners do. :unsure:

Spencer Dale, chief economist at the Bank of England, said this week: 'I’m afraid to say it is almost certain to rise further over the next few months.

‘My expectation is that it will rise to over five per cent over the next few months.

The price of petrol and diesel have jumped by around 20p a litre over the past year forcing many people to ditch their cars

In a relief for families, he went onto say that he is ‘pretty confident’ that inflation will fall back ‘very sharply’ next year.

Falling very sharply as in off a cliff edge to reach the 2% 'target'? :lol:

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  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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